New AI Increasing 3D Model production up to 40%
Search engine has over 200,000 3D models with unlimited color and texture variations
Nextech3D.AI (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), a patented 2D-3D generative AI-powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" (Australia's largest listed company) and other major e-commerce retailers is proud to announce that U.S. Patent and Trademark Office (USPTO) has officially issued a patent for the Company's technology to generate three-dimensional (3D) models from two-dimensional (2D) images: Patent #11,948,248.
Nextech3D.ai CEO Evan Gappelberg commented, "We are extremely pleased that we have been awarded this patent by the USTPO, and we believe that it is a pivotal patent for our patent portfolio. We see this patent in the context of AI, and 2D to 3D model generation as the key patent for the 3D modeling industry which adds value to Nextech3D.ai and for our shareholders." He continued, " With this patent being recognized by the USPTO, we are now one of the technology leaders in the field of 2D photos to 3D models using AI. We will be promoting this new patent as it really gives us a competitive advantage and separates Nextech3D.ai from other companies that make 3D models. With this second AI patent issuance and seven additional patents filed, we continue to build a moat around our 3D model making for e-commerce business with BOTH industry expertise and intellectual property; which includes GPT AI powered 3D model generation. This second AI patent approval reinforces and validates Nextech3D.ai's commitment to increasing shareholder value by investing in 3D-AI GPT patents and solutions while simultaneously generating millions in annual 3D modeling revenue."
USPTO web reference for the patent : THREE-DIMENSIONAL (3D) MODEL GENERATION FROM TWO-DIMENSIONAL (2D) IMAGES
Livestream Details
Nextech3D.ai will host a special livestream event on Proactive Investors with CEO Evan Gappelberg, who will discuss new AI tech updates.
The Company invites individual and institutional investors, as well as advisors and analysts to attend the live, interactive online event. Guests are encouraged to join live and ask questions.
Date: Thursday April 4, 2024
Time: 2:00 p.m ET / 11:00 a.m PT
Guests: Evan Gappelberg (CEO & Founder of Nextech3D.ai)
Link to Join: https://www.youtube.com/watch?v=Xm7SExgFgos
Previous Patents
See a list below of the Patent Portfolio across Nextech3D.ai's group of companies:
Company | Patent | Date Filed | Status / Issued |
NEXTECH | THREE-DIMENSIONAL (3D) MODEL GENERATION FROM TWO-DIMENSIONAL (2D) IMAGES - covers core AI algorithms for creating 3D models automatically from 2D photos and is the core of Threedy tech | July 2022 | Issued 04/02/2024 |
NEXTECH | EFFICIENT CREATION OF 3D MODEL AND APPLICATION - covers the virtual assembly line concept that helps scale 3D content creation from 2D photos | March 2022 | Pending |
NEXTECH | MATERIAL ESTIMATION FOR 3D MODELING AND APPLICATION - covers the AI/ML techniques for creating 3D textures and materials automatically from 2D reference photos | March 2022 | Pending |
NEXTECH | AUTOMATICALLY EXTRACTING TILEABLE UNITS FROM IMAGES - describes a method for compressing large textures with regular patterns to significantly reduce the size of the texture files | March 2022 | Pending |
NEXTECH | AUTOMATIC BACKGROUND REMOVAL FOR HUMAN TELEPRESENCE - covers the technologies built into our HoloX app to create holograms without requiring a green screen | May 2023 | Pending |
NEXTECH | THREEDIMENSIONAL (3D) MODEL GENERATION FROM CAD DATA - covers core artificial intelligence algorithms for creating 3D models automatically from 2D photos | March 2022 | Issued |
ARWAY | GENERATING 3D DIGITAL TWIN FROM PROPERTY FLOORPLAN IMAGES FOR NAVIGATION SYSTEMS - covers the framework for generating a virtual representation of a floorplan from floorplan images, in accordance with some embodiments. | March 2023 | Pending |
ARWAY | DEVICE LOCALIZATION BASED ON TWO-DIMENSIONAL (2D) REFERENCE IMAGES - covers integration of visual markers, such as QR codes or other identifiable 2D objects in the physical environment, with an online map database. | June 2023 | Pending |
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About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB: TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
New AI Increasing 3D Model production up to 40%
Search engine has over 200,000 3D models with unlimited color and texture variations
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, and other major e-commerce retailers is pleased to announce the success of its proprietary AI-Powered 3D model search engine launched in Q1, 2024. This innovative AI 3D model search engine uses AI powered by Nvidia's GPUs to speed-up and scale-up operations for the 3D modeling process. The AI search engine uses images to search Nextech's internal library of 3D models and meshes then recommends a close match to the given image. The Company is pleased to report that as a direct result of this AI search engine it is achieving as high as 40% increase in production thus increasing the number of 3D models the company can produce. The Company is continuing to develop patents around its proprietary technology while building and launching breakthrough AI for the mass scale of 3D models, which it sees as a significant growth market in 2024
As a leading 3D model supplier for e-commerce and AR, Nextech3D.ai recognizes the challenges faced by 3D artists and the time required in building intricate designs from scratch. To address these challenges the Company has built this innovative AI-powered search engine that instantly searches for similar model meshes within Nextech's vast 3D model library of 2000,000+ 3D models with similar colours, textures and shapes. This AI 3D model search engine was created in-house by the Company's team of AI engineers and scientists, showcasing the Company's technical strength and expertise.
Watch a demo of the AI-Powered 3D model search engine tool - click here
CEO of Nextech3D.ai Evan Gappelberg commented, "We are investing in our AI capabilities to stay competitive in the 3D model market and we see our AI search engine as just one of our investments that are paying off. Our AI-powered Search engine enabling our production to increase by as much as 40% represents a giant step forward in our Company's ability to scale production of 3D models. By combining our five years of technical expertise in the 3D modeling industry with our new AI capabilities, we're enabling our production capabilities to rapidly scale-up and move ahead in 2024. Our patented and patent pending AI along with new Nvidia GPU tech is allowing us to do things in terms of productivity that we just were not able to do previously, and I expect that to start showing up in the bottom line profitability of our 3D business in 2024."
Some other notable investments in AI that are in the news:
Meta has purchased 500,000 more AI GPUs for a total of 1 million AI GPUs, which is valued at $30 billion
OpenAI CEO Sam Altman plans to spend $50 billion a year on AGI development (artificial general intelligence) by using 720,000 NVIDIA H100 AI GPUs that cost a hefty $21.6 billion.
Microsoft is aiming for 1.8 million AI GPUs by the end of 2024, while OpenAI wants to have 10 million AI GPUs before the end of the year.
Key features of the Mesh Search Tool include:
Advanced AI Algorithms: Nextech3D.ai integrates state-of-the-art AI algorithms to enable precise and rapid mesh searches, ensuring 3D artists can find the matches they need in seconds.
Intuitive User Interface: The user-friendly interface offers a seamless experience built directly into the Company's platform, allowing 3D artists to search the vast 3D model library quickly and effortlessly.
Comprehensive Mesh Database: An extensive and continuously expanding database of hundreds of thousands of 3D parts and meshes. The mesh search tool covers a wide range of diverse products from various industries.
This new tool leverages artificial intelligence algorithms to enable 3D artists to effortlessly navigate and locate specific 3D meshes, streamlining workflows and saving valuable time while increasing productivity.
ARitize 3D
ARitize 3D is your one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Our Artificial Intelligence (AI) will turn your existing 2D product images or CAD files into 4K 3D AI and Augmented Reality experiences. It's fast, it's easy and it will transform your ecommerce website.
ARitize 3D is the One-Stop-Shop 3D + AR solution for eCommerce that is:
Affordable - lowest cost provider
Scalable - fastest, seamless, high quality
Frictionless - requires low implementation effort
AI & ML powered - automated 3D model creation
End to End - from model creation to CMS & AR visualization
Brands are invited to Contact Us to let our team help you start selling using 3D models for your online store today.
Sign up for Investor News and Info - Click Here
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, and other major e-commerce retailers is pleased to announce that the Company has received an order for 1,000+ 3D AI models and over 4,000+ 3D AI digital photos in May with delivery set to begin in June with a contract value in the mid-six figures. This large enterprise order is a testament to the company's pioneering AI technologies and expertise in creating 3D models and now renderings of 3D models in 2K, 4K, and 8K for e-commerce enterprise customers across the globe
Nextech3D.ai CEO Evan Gappelberg commented, "This enterprise customer has recognized the significant ROI of 3D models in e-commerce and is now accelerating its purchasing of 3D models. Shopify has reported up to a 93% increase in CTR, a 250% increase in conversions, and a 40% reduction in returns by implementing 3D/AR models on their eCommerce websites. Nextech3D.ai is currently working directly with Amazon, the largest e-commerce marketplace, and some of the world's largest e-commerce retailers including Kohl's. We also offer "one-click integration'' with the largest eCommerce platforms including Shopify, BigCommerce, and WooCommerce, which have rolled out 3D/AR and set the standard for Web 3.0 in e-commerce.
He continues, "Today we are seeing more companies both big and small interested not just in 3D AI models but also in 3D AI digital renders which we now are selling alongside our 3D AI models, creating additional value out of the 3D model itself. 3D AI & AR produces immersive shopping experiences that customers now expect in e-commerce. With our end-to-end integrated solutions, white-glove service, ability to scale production, and large enterprise customers, Nextech3D.ai is emerging as a 3D AI e-commerce leader. These large contracts are critical revenue and cash flow drivers for the company."
Example of the company's new AI Rendering of a 3D Chair & Ottoman in 4K:
Nextech3D.ai Continues to Sign New and Renewal 3D Modeling Deals
The company believes that it can become profitable in 2024 by scaling revenue with 80% profit margins while operating expenses are going down due to its investment in its patented AI. The strategic shift to Hyderabad India aligns perfectly with Nextech3D.ai's commitment to delivering top-tier 3D modeling and augmented reality solutions while maintaining a keen eye on profitability and fiscal responsibility for its valued shareholders.
Why AI and 3D Modeling, and Why Now?
The e-commerce landscape is evolving rapidly, with consumers demanding more interactive and engaging shopping experiences. This is where AI and 3D modeling technology come into play, offering a dynamic, immersive, and personalized shopping journey. The shift from 2D to 3D modeling for e-commerce is a major multi-decade transformation that is being led by AI. This transformation is evident as major brands and companies are incorporating 3D models and AR shopping, including Amazon, Walmart, CB2, IKEA, Sephora, Target and more.
Amazon (AMZN - Worth $2 Trillion) Amazon is leading this shift, transitioning from traditional 2D images to 3D models for all their products, setting a new standard in online retail. Nextech3D.ai is proud to be a 3D model supplier for Amazon, already creating tens of thousands of 3D models per month.
According to Amazon Prep: Amazon Has Measured the Following 3D/AR Model Benefits:
Other Benefits of 3D:
The Power of 3D Models in E-Commerce
3D models in e-commerce enable customers to visualize products in high detail from every angle, significantly enhancing decision-making confidence. This shift leads to higher conversion rates, as customers are more likely to purchase when they can thoroughly explore a product. Moreover, 3D visualization reduces returns, as buyers have a clearer expectation of what they are purchasing, thus saving costs, and improving customer satisfaction. Additionally, interactive 3D models increase customer engagement, keeping them on your site longer, which directly correlates with increased sales.
Timely
As online shopping continues to grow, the demand for more immersive and interactive experiences is growing. Businesses adopting 3D models are setting new benchmarks for customer engagement and satisfaction.
Nextech3D.ai believes it stands at the forefront of this mega-trend, leading the shift from static 2D images to immersive 3D experiences. Its patented AI-powered 3D modeling technology creates photo-realistic 4K 3D models that cater to major e-commerce platforms like Amazon. With years of expertise and a portfolio of high-profile clients including Amazon, P&G, Kohls, Miele, and others - Nextech3D.ai is transforming online shopping into an interactive adventure.
ARitize3D is your one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Our Artificial Intelligence (AI) will turn your existing 2D product images or CAD files into 4K 3D AI and Augmented Reality experiences. It's fast, it's easy and it will transform your e-commerce website.
ARitize3D is the One-Stop-Shop 3D + AR solution for e-commerce that is:
Brands are invited to Contact Us to let our team help you start selling using 3D models for your online store today.
Recent News
Sign up for Investor News and Info - Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB: TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" (Australia's largest listed company) and other major e-commerce retailers is excited to announce a major milestone in its 3D modeling business for ecommerce by hitting 80% gross profit in Q2, 2024 which is up 166% from 30% in 2023. This milestone achievement is only possible through the company's investment in AI and its pivot to Hyderabad India in Q3, 2023
The company believes that it can become profitable in 2024 by scaling revenue with 80% profit margins while operating expenses are going down due to its investment in its patented AI. The strategic shift to Hyderabad India aligns perfectly with Nextech3D.ai's commitment to delivering top-tier 3D modeling and augmented reality solutions while maintaining a keen eye on profitability and fiscal responsibility for its valued shareholders.
Why AI and 3D Modeling, and Why Now?
The e-commerce landscape is evolving rapidly, with consumers demanding more interactive and engaging shopping experiences. This is where AI and 3D modeling technology come into play, offering a dynamic, immersive, and personalized shopping journey. The shift from 2D to 3D modeling for e-commerce is a major multi-decade transformation that is being led by AI. This transformation is evident as major brands and companies are incorporating 3D models and AR shopping, including Amazon, Walmart, CB2, IKEA, Sephora, Target and more.
Amazon (AMZN - Worth $2 Trillion) Amazon is leading this shift, transitioning from traditional 2D images to 3D models for all their products, setting a new standard in online retail. Nextech3D.ai is proud to be a 3D model supplier for Amazon, already creating tens of thousands of 3D models per month.
The Power of 3D Models in E-Commerce
3D models in e-commerce enable customers to visualize products in high detail from every angle, significantly enhancing decision-making confidence. This shift leads to higher conversion rates, as customers are more likely to purchase when they can thoroughly explore a product. Moreover, 3D visualization reduces returns, as buyers have a clearer expectation of what they are purchasing, thus saving costs and improving customer satisfaction. Additionally, interactive 3D models increase customer engagement, keeping them on your site longer, which directly correlates with increased sales.
Timely
As online shopping continues to grow, the demand for more immersive and interactive experiences is growing. Businesses adopting 3D models are setting new benchmarks for customer engagement and satisfaction.
Nextech3D.ai believes it stands at the forefront of this mega-trend, leading the shift from static 2D images to immersive 3D experiences. Its patented AI-powered 3D modeling technology creates photo-realistic 4K 3D models that cater to major e-commerce platforms like Amazon. With years of expertise and a portfolio of high-profile clients including Amazon, P&G, Kohls, Miele and others - Nextech3D.ai is transforming online shopping into an interactive adventure.
Management Changes:
Anum Wagas, CPA, CGA, previously the Director of Finance for Nextech3D.ai has been appointed interim Chief Financial Officer. Anum brings over a decade of experience from multinational companies and government sectors, with a strong background in financial reporting under IFRS. She succeeds Andrew Chan, who is taking a new job in different industries. The Board expresses appreciation for his contributions and wishes him success.
Recent News
Nextech3D.ai Announces Formation of AI Incubator and AI Acquisition & Development Division With Potential 2024 IPO Spin Out
Nextech3D.ai Establishes New Business Unit Led by Former META Executive, Targeting Jewelry Industry with GPT AI CAD-3D Models, Blockchain Technology, and NFTs
Nextech3D.ai Expands AI Tech Team and Doubles Office Space As Demand Increases For GPT AI Platform and 3D Model Production In Hyderabad, India
Nextech3D.ai Launches Next Era of GPT AI 3D Solutions Led by Former Microsoft Executive
Nextech3D.ai Lands $1.8 Million 3D Modeling Deal with NASDAQ 100 Technology Company
Nextech3D.ai Reports $5 Million in 2023 Revenue, Growth Up +56% Preliminary Unaudited Results
Sign up for Investor News and Info - Click Here
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), is a versatile augmented reality and AI technology Company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent Company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public Company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
2023 Annual revenue growth of + 56%
2023 Annual revenue of $5 million
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a patented 2D-3D Generative AI-Powered 3D model supplier (Patent #11,948,248) for Amazon, Miele, P&G, Kohls, Wesfarmers Group "Bunnings" and other major e-commerce retailers reports its Fiscal Year 2023 and Fourth Quarter 2023 Financial Results the year ended December 31, 2023
Please join Evan Gappelberg, Chief Executive Officer and Andrew Chan, Chief Financial Officer today after the close where Nextech3D.ai will host a conference call to discuss these financial results.
Evan Gappelberg - CEO Commentary:
Preliminary Annual 2023 Financial Highlights
2023 Annual revenue growth of + 56%
2023 Annual revenue of $5 million compared to $3.2 million in 2022
70,000 3D models created to date
2024 Outlook
New demand for 3D models expected to gain momentum throughout the year driven by large enterprise customers
2023-Cost cutting measures and pivot to India to reduce the company's burn in 2024 by as much as 75%
Q1 2024 Gross Profit margins estimated to be 50-55%
Q2 2024 Gross margin estimated to be 80%
Q2 Improved margins puts India 3D modeling business as a stand alone business unit projected to go cash flow positive
New 3D photography and AI driven product launches expected to drive additional revenue and growth in 2024
Multiple patents already issued in 2024 with additional patent issuances expected
Company is Launching Several Enhanced AI 3D Productivity Tools in Q2, Q3 2024
Nextech3D.ai Corporation
Statement of Financial Position
December 31, 2023
31-Dec-23 | 31-Dec-22 | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash & cash equivalents | 907,847 | 3,777,117 | ||||||
Receivables | 357,398 | 744,331 | ||||||
Contract asset | 51,320 | 589,015 | ||||||
Finance lease receivable on sublease CP | 199,933 | - | ||||||
Prepaid expenses | 294,471 | 310,906 | ||||||
Inventory | - | 45,289 | ||||||
Non current assets held for sale | - | 501,188 | ||||||
Total current assets | 1,810,969 | 5,967,846 | ||||||
Equipment | 325,633 | 278,463 | ||||||
Deferred consideration | 206,850 | - | ||||||
Right of use asset | - | 829,278 | ||||||
Finance lease receivable on sublease | 642,983 | - | ||||||
Intangible assets | - | 3,313,741 | ||||||
Goodwill | - | 6,746,378 | ||||||
Total assets | 2,986,435 | 17,135,706 | ||||||
LIABILITIES | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | 3,531,460 | 2,641,918 | ||||||
Deferred revenue | 342,192 | 437,746 | ||||||
Lease liability | 143,722 | 222,250 | ||||||
Liabilities associated with assets held for sale | - | 92,532 | ||||||
Total current liabilities | 4,017,374 | 3,394,446 | ||||||
Lease liability - non current | 469,624 | 582,586 | ||||||
Deferred tax liabilities | - | 29,974 | ||||||
Total liabilities | 4,486,998 | 4,007,006 | ||||||
Shareholders' Equity | ||||||||
Share capital | 91,909,495 | 83,271,707 | ||||||
Reserves | 14,166,972 | 12,754,706 | ||||||
Accumulated Other Comprehensive Income | 678,143 | 827,101 | ||||||
Shareholder's equity attributable to Nextech shareholders | (112,211,223 | ) | (85,898,862 | ) | ||||
Total common shareholders' equity | (5,456,613 | ) | 10,954,652 | |||||
Non controlling interest | 3,956,050 | 2,174,048 | ||||||
Total equity | (1,500,563 | ) | 13,128,700 | |||||
Total liabilities and shareholders' equity | 2,986,435 | 17,135,706 |
Nextech3D.ai Corporation
Statement of Loss and Comprehensive Loss
December 31, 2023
YTD | ||||||||||||||
31-Dec-23 | 31-Dec-22 | |||||||||||||
$ | $ | |||||||||||||
Revenue | 5,033,202 | 3,224,791 | ||||||||||||
Cost of sales | (3,586,162 | ) | (1,593,076 | ) | ||||||||||
Gross profit | 1,447,040 | 1,631,715 | ||||||||||||
Operating expenses: | ||||||||||||||
Sales and marketing | 4,546,502 | 5,013,367 | ||||||||||||
General and administrative | 9,362,610 | 13,377,575 | ||||||||||||
Research and development | 3,249,799 | 3,892,208 | ||||||||||||
Stock based compensation | 1,775,695 | 1,715,690 | ||||||||||||
Amortization | 2,105,689 | 2,655,652 | ||||||||||||
Right of use amortization | 55,728 | 76,905 | ||||||||||||
Depreciation | 87,824 | 122,930 | ||||||||||||
Operating profit (loss) | (19,736,807 | ) | (25,222,612 | ) | ||||||||||
Other income (expense): | ||||||||||||||
Gain on sublease recognition | 120,626 | - | ||||||||||||
Loss on asset disposal | (85,679 | ) | - | |||||||||||
Gain on liability | - | 381,019 | ||||||||||||
Impairment of intangible assets and goodwill | (7,575,263 | ) | (476,113 | ) | ||||||||||
Foreign exchange gain (loss) | (14,393 | ) | 1,345,593 | |||||||||||
Profit (Loss) before income taxes | (27,291,516 | ) | (23,972,113 | ) | ||||||||||
Current income tax expense | - | (34,937 | ) | |||||||||||
Deferred income tax recovery | 29,974 | 672,148 | ||||||||||||
Net income (loss) from continuing operations | (27,261,542 | ) | (23,334,902 | ) | ||||||||||
Income (loss) from discontinued operations | (452,814 | ) | (4,043,424 | ) | ||||||||||
Net loss | (27,714,356 | ) | (27,378,326 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||
Exchange differences on translating foreign operations, continuing operations | (148,958 | ) | (432,845 | ) | ||||||||||
Comprehensive income (loss) | (27,863,314 | ) | (27,811,171 | ) | ||||||||||
Net loss from C/O attributed to: | ||||||||||||||
Parent | (25,109,547 | ) | (22,896,701 | ) | ||||||||||
Non controlling interest - PL | (2,151,995 | ) | (438,201 | ) | ||||||||||
Net loss from D/O attributed to: | ||||||||||||||
Parent | (452,814 | ) | (4,043,424 | ) | ||||||||||
Non controlling interest - PL | - | - | ||||||||||||
Comprehensive loss attributed to: | ||||||||||||||
Parent | (25,711,319 | ) | (27,372,970 | ) | ||||||||||
Non controlling interest | (2,151,995 | ) | (438,201 | ) | ||||||||||
Loss per share from C/O - basic and diluted | (0.22 | ) | (0.24 | ) | ||||||||||
Loss per share from D/O - basic and diluted | (0.00 | ) | (0.04 | ) | ||||||||||
Weighted average number of common shares outstanding | ||||||||||||||
Basic and diluted | 114,085,494 | 100,201,691 |
Nextech3D.ai Corporation
Statement of Cash Flow
December 31, 2023
YTD | ||||||||
31-Dec-23 | 31-Dec-22 | |||||||
Operating activities: | ||||||||
Net loss | (27,714,356 | ) | (27,378,326 | ) | ||||
Adjustment for: | ||||||||
Interest income from sublease | (39,903 | ) | - | |||||
Interest expense from lease | 30,217 | 28,668 | ||||||
Stock based compensation | 1,775,695 | 1,715,690 | ||||||
Amortization of intangible assets | 2,105,689 | 2,655,652 | ||||||
Amortization of ROU | 55,728 | 261,101 | ||||||
Depreciation of property and equipment | 87,824 | 143,567 | ||||||
Gain on sublease recognition | (120,626 | ) | - | |||||
Loss on asset disposal | 85,679 | - | ||||||
Gain on short-term investment | - | (381,019 | ) | |||||
Impairment of intangible assets & goodwill | 7,759,360 | 3,178,426 | ||||||
Expenses paid by shares | 648,891 | 1,917,837 | ||||||
Loss on PET disposal | 173,534 | - | ||||||
Income tax expense (recovery) | - | - | ||||||
Changes in non-cash working capital balances | ||||||||
Receivables | 386,933 | 269,873 | ||||||
Contract asset | 537,695 | (202,813 | ) | |||||
Prepaid expenses | 16,435 | 408,743 | ||||||
Inventory | 45,289 | 2,954,342 | ||||||
Accounts payable and accrued liabilities | 917,814 | (24,574 | ) | |||||
Deferred revenue | (95,554 | ) | (171,255 | ) | ||||
Deferred tax liability | - | (673,290 | ) | |||||
Total operating cash flow | (13,343,656 | ) | (15,297,378 | ) | ||||
Cashflows from investing activities | ||||||||
Purchase of equipment | (227,250 | ) | (101,784 | ) | ||||
Payments received from sublease | 66,554 | - | ||||||
Net cash provided by (used in) investing activities, continuing operations | (160,696 | ) | (101,784 | ) | ||||
Cashflows from financing activities | ||||||||
NTAR - Net proceeds from private placements | 5,726,654 | 8,890,349 | ||||||
NTAR - Proceeds from Employee Pay Program | 2,269,704 | 2,496,628 | ||||||
Proceeds from securities issuances to NCI | 2,813,107 | 1,657,354 | ||||||
Repayment of loan | - | (90,896 | ) | |||||
Payments of lease liability | (203,762 | ) | (388,804 | ) | ||||
Net cash provided by (used in) financing activities, continuing operations | 10,605,703 | 12,564,631 | ||||||
Effects of foreign exchange on cash | 29,379 | (616,272 | ) | |||||
Change in cash during the period | (2,898,649 | ) | (2,834,531 | ) | ||||
Cash, beginning of period | 3,777,117 | 7,237,296 | ||||||
Cash, end of period, continuing operations | 907,847 | 3,786,493 | ||||||
Cash, end of period, continuing operations | 907,847 | 3,777,117 | ||||||
Cash, end of period, discontinuing operations | - | 9,376 | ||||||
Taxes paid | - | 27,005 | ||||||
Interest paid | 30,217 | 30,910 | ||||||
Cash interest received | 121,122 | 108,390 |
Conference Call Details:
Title: Nextech3D.ai Full Year 2023 and Q4 2023 Financial Results
Call Date: Monday, April 29, 2024
Time: 05:00 PM (GMT-04:00) Eastern Time (US and Canada)
Participant Details:
North America Toll-Free: (888) 330-2024
North America Toll: (646) 960-0187
International Toll: +1(646) 960-0187
Conference ID: 7778367
Webcast Attendee URL: https://events.q4inc.com/attendee/810085104
For those unable to join the live event, a recording of the presentation will be posted on the Company's investor relations website.
Sign up for Investor News and Info -Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a leading provider of patented 2D-3D Generative AI-powered 3D modeling technologies to major e-commerce brands like Amazon, Miele, P&G, Kohls, and Wesfarmers Group's "Bunnings", has announced a collaboration with GlassDollar. This collaboration highlights the demand for Nextech3D.ai's innovative solutions from large corporations-including CAD to 3D texturing, 3D photo rendering, data analytics, generative AI, spatial computing, and 3D cloud hosting. Through this collaboration Nextech3D.ai is participating in the supplier network of GlassDollar, which extends Nextech3D.ai reach to large Corporations, such as Siemens, LG, BSH, Infineon and more
Nextech3D.ai, along with its subsidiaries Toggle3D.ai and ARway.ai, is excited to be invited to bring its advanced technologies to this collaboration. This collaboration serves to both enhance GlassDollars product offerings to meet the specific needs of GlassDollar's clients while establishing potential new relationships and revenue streams for Nextech3D.ai.
Evan Gappelberg, CEO of Nextech3D.ai, stated, "Working with GlassDollar provides a seamless avenue for innovative tech startups like Nextech3D.ai, Toggle3D.ai and ARway.ai to engage with large enterprises, in a frictionless environment. He continues "GlassDollar's ability to pair our solution directly with large corporations that are looking for the same solution is a breath of fresh air. They have done the hard work of finding a potential customer but they don't stop there…they continue to foster the business relationship by setting up follow up calls and making further introductions all while being professional, diligent and proactive through the entire process. We are thrilled about this collaboration and look forward to fostering a long-lasting relationship.``
After markets close on Monday, April 29, 2024 the company will release its audited full year and fourth quarter 2023 financial results
In February, the Company released the preliminary unaudited results showing strong annual revenue growth of +56% to $5 million compared to $3.2 million in 2022. Annual gross profit margin for 2024 is estimated at 30% with the Company's pivot to India in Q4, 2023. Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2023.
Subsequently, Nextech will host a conference call to discuss the full year and fourth quarter 2023 results Monday, April 29, 2024 at 5:00 PM Eastern Time.
Please join Evan Gappelberg, Chief Executive Officer, and Andrew Chan, Chief Financial Officer, to discuss these financial and operating results as well as a 2024 business outlook- cost cutting -and cash flow followed by a question and answer period.
Preliminary Annual 2023 Financial Highlights
2023 Annual revenue growth of 56%
2023 Annual revenue of $5 million compared to $3.2 million in 2022
70,000 3D models created 12/32/2023.
Conference Call Details:
Title: Nextech3D.ai Full Year 2023 and Q4 2023 Financial Results
Call Date: Monday, April 29, 2024
Time: 05:00 PM (GMT-04:00) Eastern Time (US and Canada)
Participant Details:
North America Toll-Free: (888) 330-2024
North America Toll: (646) 960-0187
International Toll: +1(646) 960-0187
Conference ID: 7778367
Webcast Attendee URL: https://events.q4inc.com/attendee/810085104
For those unable to join the live event, a recording of the presentation will be posted on the Company's Investor Relations website.
Recent News
Nextech3D.ai Releasing New 3D GPT-AI For Toggle3D.ai The "All-IN-ONE 3D Platform"
Nextech3D.ai Issued Pivotal AI Patent from USPTO for Generating 3D Models from 2D Images
Nextech3D.ai Receives Notice From USPTO To Be Granted Pivotal AI Patent for Generating 3D Models from 2D images
Sign up for Investor News and Info - Click Here
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB:ARWYF)(CSE:ARWY)(FSE:E65) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB:TGGLF)(CSE:TGGL)(FSE:Q0C) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE:Nextech3D.ai
News Provided by ACCESSWIRE via QuoteMedia
Central banks must “raise their game” by enhancing artificial intelligence (AI) integration as they discharge their duties, according to a recent report published by the Bank of International Settlements (BIS).
The organization's annual report emphasizes that central banks need to proactively adapt to progressing AI technologies to effectively fulfill their mandate of maintaining price and financial stability.
According to the BIS, AI's integration into various sectors is set to influence central banks in two primary ways.
Firstly, AI will affect central banks' core responsibilities related to economic stewardship. For example, the BIS notes that AI is impacting financial systems, as well as various markets, from productivity and consumption to investment and labor; these in turn affect price and financial stability, both of which are key areas of focus for central banks.
There are also implications for inflation — firms that use AI may be able to adjust prices more quickly on the back of macro changes. "These developments are therefore of paramount concern to central banks," the BIS explains.
Secondly, the report states that AI will change how central banks operate via its impact on the financial system.
This is because financial institutions, including commercial banks, are increasingly utilizing AI tools for various functions, such as risk management, fraud detection and customer service enhancements.
"Overall, the rapid and widespread adoption of AI implies that there is an urgent need for central banks to raise their game. To address the new challenges, central banks need to upgrade their capabilities both as informed observers of the effects of technological advancements as well as users of the technology itself," explains the BIS.
Some central banks have already begun integrating AI into their operations in the past few years.
For instance, the European Central Bank implemented the Athena project in 2023. It uses AI to assist banking supervisors in analyzing extensive documentation to detect irregularities.
Additionally, central banks are employing AI to assess climate-related financial risks. The BIS, alongside several central banks, started the experimental Gaia AI project in March to examine corporate disclosures on carbon emissions and other environmental factors, providing a clearer picture of climate-related financial risks.
While recognizing the benefits of AI, the BIS report underscores the need for central banks to remain vigilant in adopting the technology as a fundamental component in the discharge of their duties.
For instance, reliance on AI heightens concerns about cyber attacks, a top worry in the financial industry. Traditional phishing, where attackers steal login credentials by masquerading as reputable entities, is exacerbated by generative AI's ability to create more convincing phishing emails, malware and fake identities.
As such, advancements in AI also expose financial institutions to greater risks of fraud. Furthermore, they introduce new cyber risks, such as prompt injection attacks and data poisoning, which can lead to AI manipulation.
"In sum, there is an urgent need for central banks to collaborate in fostering the development of a community of practice to share knowledge, data, best practices and AI tools," the BIS report concludes.
"In the light of rapid technological change, the exchange of information on policy issues arising from the role of central banks as data producers, users and disseminators is crucial."
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
After a meteoric surge this year, NVIDIA (NASDAQ:NVDA) has overtaken tech behemoths Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) to become the world's most valuable public company.
The rise of artificial intelligence (AI) has played a major role in its rise. The company's graphics processing units (GPUs) are essential for AI systems, and demand has leaped as AI becomes a part of everyday life.
NVIDIA has continued to progress amid the AI craze. In March, the company announced the debut of Blackwell, a brand-new line of AI GPUs that promises a seismic jump in computing power compared to its predecessor.
Currently NVIDIA controls an estimated 70 to 95 percent of the market for AI chips.
According to the New York Times, NVIDIA's share price rose by 3.6 percent on Tuesday (June 18), pushing its market value to US$3.34 trillion, surpassing Microsoft and Apple, which both saw declines.
NVIDIA's big move marks one of the fastest ascents in market history. Just two years ago, the company's market value was slightly over US$400 billion. Over the past year, NVIDIA's market value has skyrocketed from US$1 trillion to more than US$3 trillion, reflecting the company's growing dominance in the AI sector.
In comparison, Apple took nearly five years to grow from a US$1 trillion valuation to US$3 trillion.
“No one else fully saw or appreciated this,” Daniel Newman, chief executive of the Futurum Group, told the New York Times. “They saw the trend, built for the trend and enabled the market. They can effectively charge whatever they want.”
NVIDIA's success has also elevated CEO Jensen Huang’s status in the tech industry. He started the company’s journey in developing chips that can render images in video games, thus making NVIDIA synonymous with the gaming industry.
The tech sector’s race to achieve a US$4 trillion market value is now centered on NVIDIA, Apple and Microsoft, with analysts predicting intense competition among these tech giants.
Microsoft has invested heavily in OpenAI, the maker of ChatGPT, and Apple recently announced a partnership with OpenAI to boost its spot in the AI race. Companies including AMD (NASDAQ:AMD) and Intel (NASDAQ:INTC) have recently gotten more involved as well, launching new AI chips at a recent Taiwan-based tech event.
NVIDIA saw revenue of US$26 billion in its latest quarter, and is projecting a US$28 billion figure for the coming period.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Apple (NASDAQ:AAPL) was in the spotlight this week at its annual Worldwide Developers Conference (WWDC), unveiling a new artificial intelligence (AI) strategy through its partnership with OpenAI.
During a nearly two hour presentation, Apple CEO Tim Cook and other senior executives introduced Apple Intelligence, a suite of AI-powered features that will be embedded across Apple’s devices. Central to this initiative is the integration of OpenAI’s ChatGPT, which will enhance Apple's virtual assistant Siri, allowing it to perform a broader range of tasks.
“All of this goes beyond artificial intelligence; it’s personal intelligence, and it is the next big step for Apple,” Cook said.
Features include advanced voice assistance, personalized emoji creation and automated email summaries, all of which leverage OpenAI's language models. Apple has emphasized that it will focus on privacy amid these changes.
According to the company, users will be prompted before any data is sent to ChatGPT. Apple has also promised that user queries won’t be logged by OpenAI, and IP addresses will be obscured to enhance user privacy.
Craig Federighi, Apple’s senior vice president of software engineering, assured WWDC attendees that the AI models used will operate on-device where possible, minimizing data sent to external servers. Meanwhile, OpenAI CEO Sam Altman expressed enthusiasm about the collaboration, highlighting a commitment to safety and innovation.
“We’re excited to partner with Apple to bring ChatGPT to their users in a new way,” he told the Verge. “Apple shares our commitment to safety and innovation, and this partnership aligns with OpenAI’s mission to make advanced AI accessible to everyone. Together with Apple, we’re making it easier for people to benefit from what AI can offer.”
The partnership between Apple and OpenAI has not been without controversy.
Elon Musk, founder of OpenAI rival xAI and a prominent figure in the tech industry, has publicly criticized the collaboration. He has voiced strong objections, particularly regarding data security and user privacy.
“If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies,” Musk declared on X, formerly known as Twitter. He argued that integrating OpenAI’s software poses a security risk, suggesting that Apple cannot fully protect user data once it is shared with OpenAI.
If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation.
— Elon Musk (@elonmusk) June 10, 2024
Musk recently announced a new privacy feature on X that hides users’ likes from public view.
The change, according to X’s engineering team, is designed to encourage more engagement by making users feel more secure about their activity on the platform. The hidden like count is one of many changes Musk has implemented since acquiring the platform for US$44 billion in 2022. Other changes have included the removal and subsequent partial restoration of verification badges, and adjustments to content moderation policies.
Apple’s partnership with OpenAI is perceived as a strategic move to bolster its position in the AI market, which is currently dominated by companies like Google (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT).
Apple's aggressive push into AI has already shown significant market impact. On Wednesday (June 12), Apple overtook Microsoft to become the world's most valuable company, with its market valuation reaching US$3.29 trillion.
The company's share price took off after WWDC, finishing the week 7.74 percent higher.
With its strong brand loyalty and extensive user base, Apple looks set to capture a significant share of the AI market. However, the firm's success will largely depend on its ability to balance innovation with privacy concerns.
The new AI features will be available in the upcoming iOS 18 and macOS Sequoia operating systems, set for release later this year. These updates are expected to be available on recent models of the iPhone, iPad and MacBook.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Artificial intelligence (AI) is taking charge as a revolutionary industry in a big way, and its momentum looks set to continue, particularly as generative AI tech has exploded in popularity.
Case in point — according to a Grand View Research report, the global AI market was worth US$196.63 billion in 2023, and is projected to grow at a compound annual growth rate of 36.6 percent through 2030 to reach US$1.81 trillion.
"The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing," the report reads. AI applications like deep learning, robotics, neurolinguistic programming and querying methods will be at the forefront for growth.
With AI poised for significant, transformative expansion over the next several years, here's a look at five small-cap AI stocks listed on Canadian exchanges. Data was gathered on June 6, 2024, using TradingView's stock screener, and only Canadian AI stocks with market caps between C$10 million and C$100 million at that time were considered.
Market cap: C$95.34 million; share price: C$0.56
First on this list of Canadian AI stocks is Xtract One Technologies. Founded in 2016 with partner McMaster University, the security firm leverages AI software technology for weapons detection and patron safety solutions.
Xtract One's Multi-Sensor-Gateway portfolio, which includes SmartGateway and SafeGateway, was awarded the US Department of Homeland Security's SAFETY Act Designation as a qualified anti-terrorism technology in April.
"This award recognizes the Xtract One portfolio for its efficacy in safeguarding public spaces against advanced modern threats and enables Xtract One to bring its innovative security solutions to a larger scale," states a press release.
Shortly after, Xtract One inked security contracts with teams representing the MLB, NHL and NBA sports leagues.
Market cap: C$91.3 million; share price: C$2.01
Next up is Vancouver-based tech company Scope AI, which is leveraging visual recognition and neural network technology to help enterprises drive growth. The company's main technology platform is its GEM system, which stands for general enterprise machine learning, and it is targeting the advertising sector.
Scope AI's ad tech services are powered by AI automation with a focus on safety and fraud measures, cross channel integration and campaign management, bid optimization and personalization for specific user experiences.
In April, Scope announced the expansion of its development team for the platform, and said it would be working to accelerate advancements to GEM.
Market cap: C$85.47 million; share price: C$0.69
OneSoft Solutions is a developer of cloud-based business solutions, and its data science technology is based on the Microsoft Cloud platform. The company's subsidiary, OneBridge Solutions Canada, develops and markets new software-as-a-service solutions to assist oil and gas pipeline operators using advanced data science and machine learning.
In June, OneSoft announced that OneBridge had signed a multi-year deal with a large South American pipeline operator. It will use OneSoft’s cognitive integrity management software-as-a-service platform to manage its pipeline assets.
Market cap: C$36.67 million; share price: C$1.36
Pivotree is dedicated to designing, building and managing digital end-to-end solutions in the areas of commerce, data management and supply chains. It currently works with over 200 major retail and branded manufacturers worldwide.
Pivotree's SKU Build is a data service that is powered by AI and machine learning. The company says it reduces time to market and cost by 60 percent and 75 percent, respectively, compared to traditional methods.
Another of the company's machine learning-driven platforms is Pivotree Dive, which also incorporates automated intelligence to help companies optimize their master data management processes.
Market cap: C$36.67 million; share price: C$1.36
Last on this list of Canadian AI stocks is healthcare tech firm Diagnos, which focuses on early detection of health problems using its FLAIRE AI and Computer-assisted Retina Analysis platforms.
Diagnos is in the process of obtaining new Health Canada and US Food and Drug Administration approval on four AI analysis modules for commercialization expected during Q3 2024. The new modules are designed to help healthcare professionals identify age-related macular degeneration, diabetic retinopathy or hypertensive retinopathy.
In May, Diagnos announced the renewal of its distribution agreement with Canadian medical supplies and equipment provider Labtician. "This renewed distribution agreement comes after the final integration of DIAGNOS’ images analysis and processing algorithm for diabetic retinopathy into the Labtician platform offering a comprehensive solution for endocrinology clinics," a press release from the company explains.
This is an updated version of an article originally published by the Investing News Network in February 2018.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
At its Worldwide Developers Conference (WWDC) on Monday (June 10), Apple (NASDAQ:AAPL) unveiled new features for its various operating systems, with several powered by artificial intelligence (AI).
The company announced impressive interactive features, such as spatial photos and enterprise-specific APIs for visionOS 2, along with new partnerships with Canon (TSE:7751) and Blackmagic Design for photo and video production.
Additionally, CEO Tim Cook shared that Apple Vision Pro will be rolling out in eight new countries this summer: Japan, China and Singapore on June 28, and Canada, Germany, Australia, France and the UK on July 12.
iOS 18 will bring personalization features, satellite capabilities and a redesigned Photos app to the iPhone 15 and iPhone 15 Pro. Meanwhile, watchOS 11 will introduce features that will help users optimize workouts by monitoring the impact of training loads on the body over time. It will also alert wearers of any abnormalities detected in their vital signs.
In addition to the new iPad features announced at Let Loose earlier this month, screen sharing is now available on iPadOS 18, allowing users to remotely control another iPad and add markups. Furthermore, the calculator app has been enhanced with scientific buttons and the ability to perform physics calculations. Notably, the Apple Pencil can be used to write down math problems on the calculator app, and they will be automatically solved as they are written.
Finally, the introduction of macOS Sequoia brings with it several notable features. The mirroring capability for iPhone, which is available even in standby mode, enables device integration, while automatic tiling allows efficient multi-screen display management. Additionally, the new passwords app ensures secure credential storage.
Safari received upgrades too, including up to four hours of extended battery life during streaming, surpassing Chrome. Furthermore, Apple Reader is leveraging machine learning to generate web page summaries and tables of contents.
Apple's highly anticipated AI offerings were the highlight of the conference. Apple Intelligence was described by developers at WWDC as a personalized and secure form of AI with a unique understanding of personal context and comprehensive large language models integrated into device hardware.
A range of familiar writing tools, including rephrasing suggestions and tone adjustment, will be integrated into Notes, Mail, Safari, Pages and Keynote, leveraging personalized context to enhance writing effectiveness.
The on-device processing capabilities of the new iPhone 14 Pro, powered by Apple's A17 Pro and the family of M chips, enable it to process personal data without collecting it, enhancing privacy. Additionally, Private Cloud Compute uses extensive private servers for more complex AI features, ensuring secure and efficient computing for tough tasks.
However, it was Siri, Apple's intelligent personal assistant, that received the biggest upgrade thanks to Apple’s newly announced partnership with OpenAI to bring ChatGPT to Apple devices. This integration brings several new features to Siri, including personalized responses, conversational AI, fact checking, summarization and translation.
New features introduced at WWDC will be available on the iPhone 15 Pro and iPad, with Mac features being rolled out later on M1 models. Apple Intelligence will be available to try out in the US sometime this summer, with a beta version coming to iOS 18, iPadOS 18 and macOS Sequoia this fall.
WWDC is a popular event every year, with investors and Apple fans eagerly awaiting the latest updates. Anticipation for WWDC was particularly high this year due to rumors and leaks suggesting big changes and new AI features.
However, Apple’s offerings were not enough to impress investors, with shares falling 1.57 percent on Monday to close at US$193.12. In after-hours trading, the stock very briefly reached US$203.34, but was priced at US$192.84 as of 6:30 p.m. EDT on Monday. Apple shares are up about 4 percent year-to-date.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
NVIDIA (NASDAQ:NVDA) was in focus this week as it became the second most valuable company.
Well-known meme stock GameStop (NYSE:GME) also made headlines as volatility took hold of it share price. Meanwhile, a VanEck commentator raised his price projection for Ethereum to over US$20,000 by 2030, and emails between Tesla (NASDAQ:TSLA) and NVIDIA obtained by CNBC troubled those who have invested in the electric vehicle (EV) maker.
Stay informed on the latest developments in the tech world with the Investing News Network's round-up.
NVIDIA overtook Apple (NASDAQ:AAPL) to become the second most valuable company in the world behind Microsoft (NASDAQ:MSFT) on Wednesday (June 5), when its share price surged 4.77 percent to close at US$1,244.40, bringing its valuation to the US$3 trillion mark. A comment from Elon Musk on X, formerly known as Twitter, saying that Tesla will spend between US$3 billion and US$4 billion on NVIDIA hardware in 2024 is considered to have been a factor.
This week also brought NVIDIA's stock split, which was announced a few weeks ago on May 22. Investors holding shares of the tech giant at the end of trading on Thursday (June 6) received nine additional shares following Friday’s close. The share price will be adjusted to reflect the split when the market reopens on June 10.
It was a hectic week for GameStop as Keith Gill, the trader known as Roaring Kitty, returned to Reddit (NYSE:RDDT). After three years of silence following his role in sparking the GameStop meme stock rally in 2021, Gill revealed GameStop holdings worth US$115.7 million in a Reddit post on Sunday (June 2) night, leading to significant volatility.
On Thursday, GameStop rallied to US$46.85 after Gill announced that his first livestream in almost four years would take place on Friday (June 7) at 12:00 p.m. EDT. Ahead of Gill's livestream, GameStop released its Q1 earnings, showing that net sales were 28.76 percent lower compared to last year — the company had originally planned to release the report on June 11. GameStop also filed to offer 75 million new shares. Its share price tumbled 25 percent on Friday, and trading was halted multiple times as investors reacted to the new developments.
Matthew Sigel, VanEck’s head of digital research, has raised his price projection for Ethereum, the world’s second largest cryptocurrency, to a best-case scenario of US$22,000 by 2030, up from US$11,800 projected in May 2023.
In a Wednesday blog post, Sigel wrote, “Driven by a strong value proposition to entrepreneurs, the Ethereum network is likely to continue its rapid market share growth from traditional financial market participants and, increasingly, Big Tech. Should it do so while maintaining its dominant position among smart contract platforms, we see a credible path to US$66 billion in free cash flow to token holders supporting a US$2.2 trillion asset, or $22k per coin, by 2030.”
Also on Wednesday, US Securities and Exchange Commission Chairman Gary Gensler engaged in a conversation with CNBC, where he addressed the highly anticipated full approval of spot Ethereum exchange-traded funds, indicating that the process will likely require a considerable amount of time. The approval of S-1 registration statements, which outline crucial details regarding the proposed funds, is one of the final steps in the regulatory process.
Emails obtained by CNBC show that Musk told NVIDIA to send H100 artificial intelligence (AI) processors meant for Tesla, including a previous order worth US$500 million, to his other companies, X and xAI.
During Tesla’s Q1 earnings call in April, Musk told investors he would be increasing the number of active H100s to 85,000 — up from 35,000 — this year, and posted a few days later that Tesla would spend US$10 billion on training and inference AI, “primarily in car.” Diverting the orders will likely delay the development of the supercomputer needed to accomplish this pricey ambition, a notion not lost on investors — Tesla’s share price sank by over 3 percent this week.
In response to these concerns, Musk claimed that Tesla’s AI infrastructure development is on track and said that the company has no immediate need for the chips from NVIDIA. In a post on X, he commented, “Tesla had no place to send the NVIDIA chips to turn them on, so they would have just sat in a warehouse."
In other Tesla news, the EV maker has upgraded its in-car navigation software on Chinese models, introducing lane-level guidance, as well as new features meant to reduce user reliance on smartphones.
On Monday (June 3), ASML (NASDAQ:ASML) announced the opening of the Netherlands-based High NA EUV Lithography Lab in collaboration with research firm Imec. The lab will provide an early development platform for semiconductor manufacturers, giving them access to ASML’s newest chipmaking machine.
The high-NA EUV lithography machine, which cost 380 million euros, has a numerical aperture (NA) of 0.55 compared to 0.33 in current EUV models. The higher NA allows it to capture light at wider angles so it can print smaller features onto chips, thereby increasing performance while reducing power consumption. As part of the news, ASML said it anticipates high-volume manufacturing with high-NA EUV technology to happen in 2025 or 2026.
According to Reuters, the company expects to deliver the first machine to Taiwan Semiconductor Manufacturing Company (NYSE:TSM,TPE:2330) sometime this year. ASML has orders for more than a dozen more from customers including Intel (NASDAQ:INTC), Samsung Electronics (KRX:005930), SK Hynix (KRX:000660) and Micron (NASDAQ:MU).
London’s Competition Appeal Tribunal (CAT) ruled that Alphabet (NASDAQ:GOOGL), the parent company of Google, must face a lawsuit brought on by Ad Tech Collective Actions worth up to 13.6 billion pounds.
The collective, which represents tech publishers based in the UK, alleges that Google engaged in anti-competitive practices and abused its dominance in the online advertising market, resulting in a loss of business for other companies.
In May, Google appealed to the CAT to block the lawsuit because it was “incoherent” and failed to explain how its practices directly impacted other enterprises. However, the CAT said that the case can proceed to trial.
Some of the tech sector’s biggest players, including Google, Apple and Microsoft, have been the subject of ongoing scrutiny and have faced several antitrust and anti-competitive allegations in recent years. This latest case is the second major lawsuit brought against Google this year. In January, the company was sued by the US Department of Justice and eight state attorneys general for anti-competitive practices in the ad tech market.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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